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When to Be Credit Wary

Has stopped obtaining audited financial statements and
now prepares only reviews or unaudited or compiled statements.

Presents financial statements that show profits, but
doesnt present a cash-flow statement.

Shows large amounts of due to or due from its owners in
its business records. Thats a sign the owners are using the business
as a personal bank or the business is borrowing from the owners
because it cant get credit anywhere else.

The results of the 2016 presidential election are likely to have a big impact on federal tax policy in the coming years. Eddie Adkins, CPA, a partner in the Washington National Tax Office at Grant Thornton, discusses what parts of the ACA might survive the repeal of most of the law.